In the Year 2000: US Cash Accounting Lies (Non-GAAP)

In Februrary 2000, then President Clinton announced his federal budget proposals for fiscal year 2001. The 2001 budget of $1.84 trillion USD included plans to use budget surpluses to pay down the national debt, modest tax cuts for lower-income families, and increased health care spending.

Cash accounting gimmicks were used to give US citizens the impression that federal government liabilities were a non-issue then and that increasing debt levels were a lessoning threat long term. You can see a clip from the ridiculous press conference below.

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